Haun Ventures targets $1B crypto funds amid market shifts

Haun Ventures, a venture capital firm founded by former Coinbase board member Katie Haun, is reportedly aiming to raise $1 billion for two new crypto-focused funds.

The firm plans to allocate $500 million to early-stage investments and $500 million to late-stage opportunities, with expectations of oversubscription despite a lower target compared to its $1.5 billion 2022 round.

Market conditions have shifted significantly since Haun’s inaugural funding round in 2022, which drew praise for its scale.

The firm now cites evolving crypto market dynamics as the rationale for reducing its target by $500 million.

However, Haun reportedly anticipates strong demand, with the funds set to close by June 2025.

The fundraising effort aligns with broader trends in crypto venture capital.

Paradigm closed an $850 million fund in June 2024, while Pantera Capital sought over $1 billion for blockchain investments earlier this year.

Industry observers note that stablecoins remain a focal point, with HashKey Capital CEO Deng Chao calling them the “strongest proven use case” for crypto in 2024.

Haun Ventures has maintained an active role in crypto investments, participating in Bitwise’s $70 million funding round alongside firms like Electric Capital and MassMutual.

While the specific focus of its upcoming funds remains undisclosed, analysts predict crypto VC investment in 2025 will exceed last year’s $13.6 billion but fall short of the $33.8 billion peak seen in 2021.

The firm’s strategy reflects a cautious yet optimistic outlook, balancing market realities with growth potential.

As crypto markets continue to mature, venture capital firms are increasingly prioritising infrastructure and proven use cases over speculative ventures.